Here Is Why Do Kwon Is Against the LUNA Burn Event! Will LUNA Price Find A Recover Pace ?
Many anonymous sources have connected with Terra community member “FatMan” and exposed facts about Terraform Labs co-founder Do Kwon’s monthly payments to quantitative trading firm Jump Crypto, as well as their participation in the UST meltdown. Terra’s LUNA pricing has not recovered as a result of Proposal 1299
Terra Researchers Express Their Outrage Against Do Kwon
TerraUSD (UST), an algorithmic stablecoin, saw a massive drop a week ago, where the token lost its $1 peg, along with Terraform Labs’ tokens LUNA and UST lost a total market value of $39.1 billion in a week.
This episode has been dubbed as the “first crypto bank run” in history, and it had a devastating effect on Terra’s LUNA price, which fell from about $100 to below $0.0002 in only a few weeks
Now, the Terra Research forum user “FatMan” has the information on Terra’s co-founder Do Kwon and the Jump Crypto deal, which he shared on Twitter through @FatManTerra.
In the past 48 hours I have been contacted by several whistleblowers. These people would like to and will stay anonymous. I have learned some deeply troubling things and there is a lot more to come — this is just the very beginning. Here is some of what I can tell you.
— FatMan (@FatManTerra) May 23, 2022
Do Kwon, according to the research, repays Jump Crypto with an agreed monthly LUNA amount. More information about these transactions are yet to be released by @FatManTerra.
Jump Crypto allegedly misled the retail investors into losing billions on LUNA and UST, according to an Agora Terra forum member. The community members still have to produce proof of transactions that link Jump Crypto to the UST meltdown.
Terra Labs Suggestion Implementation Gets Delayed
Terraform Labs proposed suggestion 1299 in order to free the UST locked on side chains. Terra validators stopped Inter Blockchain Communication (IBC) as a stop gap measure during the massive meltdown. The request was approved, however owing to technical difficulties, it was not implemented today.
1/ Prop 1299 to (re)enable IBC has passed but did not successfully execute due to technical issues. Namely, the proposal attempted to enable IBC transfers which were already enabled